Mayor Stephanie Rawlings-Blake says she plans to introduce a "bold set of major reforms" at her annual "State of the City" speech Monday, less than a week after her press office released a consultant's report that painted a dire picture of future city finances.

Last week's report by Philadelphia-based Public Financial Management Inc. concluded that Baltimore is facing a structural deficit of nearly $750 million over the next 10 years. It pointed to pension and health care costs as the two biggest drivers of the city's projected deficit.

The mayor said her reforms will focus on "eliminating the deficit, making modern investments and changing the city's tax structure to make Baltimore more competitive for growth."

The address will be Rawlings-Blake's fourth "State of the City" speech since becoming mayor in February 2010. She has consistently used the platform to focus on plans to fix Baltimore's financial and infrastructure woes.

In 2010, less than a month after assuming office, Rawlings-Blake told citizens of a "devastating" budget shortfall that would be a "true test" for the city's "survival but also renewal."

In 2011, Rawlings-Blake warned of an $81 million budget shortfall, and trumpeted new efforts to boost jobs in new technology, crack down on perpetrators of domestic violence and reorganize the city's economic development arm.

Last year, the mayor emphasized her goal to grow Baltimore by 10,000 families, along with proposals to increase the city bottle tax and borrow to upgrade school facilities.

Mr. President, Madam Comptroller, Senators and Delegates, members of the City Council, clergy, colleagues in public service, committed people of Baltimore—thank you for the opportunity to report on the progress of our city and to renew our commitment to the great cause of a growing Baltimore.

Republican Gov. Larry Hogan pledged bipartisanship and offered a conciliatory tone during his snowy inauguration Wednesday, promising "to create an environment of trust and cooperation, where the best ideas rise to the top based on upon their merit."

Advocates for programs spending state dollars on stem cell research or investment in technology companies were nervous about what Gov. Larry Hogan's budget would hold for them, given warnings of "strong medicine" to cure fiscal woes.

Calling it a first step toward fully restoring the death penalty in Maryland, Del. Pat McDonough said he plans to introduce a bill that would mandate capital punishment for anyone convicted of killing a police or correctional officer, a firefighter or witness during the performance of their duty.